By NEIL HARTNELL
Tribune Business Editor
FamGuard Corporation has unveiled a 15 per cent year-over-year net income increase for the 2013 first half, driven by a total revenue increase and expenses that remained largely flat.
The BISX-listed holding company for Family Guardian, the life and health insurer and its affiliates, saw net income for the six months to end-June rise from $2.467 million in the prior year period to $2.835 million this time around.
Earnings per share stood at $0.28 compared to $0.25 at the end of June 2012.
In a statement to shareholders, Norbert Boissiere, its chairman, said: “We are pleased to report that FamGuard recorded net income of $2.8 million for the second quarter ending 30 June, 2013, exceeding the net income levels recorded prior year-to-date by 15 per cent.
“Continued strong performances of our health insurance operations, annuity product line and reductions in death claims experience have positively impacted these results.
“Annuity deposits increased by $2.2 million or 68 per cent over prior year-to-date, enhancing the net income contribution from that source. Aided by our partnership with Aetna, net income from our group life and health division showed sustained improvements through the second quarter. Death claims experience also declined by 8.7 per cent compared to June 2012.”
Mr Boissiere added that FamGuard “continues to hold its very strong financial position, with total assets increasing by $7.1 million to end the second quarter at $245 million.
“At the end of June our insurance subsidiary, Family Guardian, recorded levels of solvency which exceeded the local statutory requirement by 40 per cent,” he added.